DHL 1997 Annual Report Download - page 14

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Strengthened capital structure
Deutsche Post’s balance sheet total rose by 10.2 percent to
DM 21,346 million in 1997. A major reason for this increase was the
DM 2,410 million accrual of indirect pension obligations vis-à-vis our
employees.
The increase in shareholders’ equity with corresponding increase in as-
sets raised the balance sheet total. In connection with the signing of our
cooperation agreement with Postbank, Deutsche Post’s annual share-
holders’ meeting voted on July 10, 1997, to increase share capital by
DM 140 million. The Federal Government subscribed the new shares,
paying for the investment by assuming the obligation to transfer 2.8
million Deutsche Postbank AG shares with a nominal value of DM 50 per
share to Deutsche Post AG on January 1, 1999. The number of shares
constitutes a 17.5 percent stake in Postbank. The difference between the
amount of increase in share capital and the valuation of the shares
the Government is to transfer to Deutsche Post was allocated to capital
reserves.
11
Selected balance sheet items
in DM millions 1996 1997 +/–
Balance sheet total 19,370 21,346 10.2 1,976
Shareholders’ equity 5,195 5,687 9.5 492
of which subscribed capital 2,000 2,140 7.0 140
Accruals 8,864 10,836 22.2 1,972
of which for pensions and similar obligations 1,072 3,434 220.3 2,362
Payables 5,311 4,823 –9.2 –488
of which to banks 772 506 –34.4 –266
of which to Telekom AG 1,430 1,038 –27.5 –392
Equity ratio 26.8 % 26.6 %